Research Redux


The business model for research is broken. New York Attorney General Eliot Spitzer killed the funding mechanism, commissions don't cover production costs, investment managers want it for free, and semblance of the remaining payment vehicle—i.e., soft dollars—is under siege by regulators.

What went wrong?

Contrary to public opinion, Spitzer did not kill the equity research model. Although the Research Settlement of 2003 ended the practice of investment banking research subsidies, the death of the

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